BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.
PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
BINGHAMTON, N.Y. — HREC Investment Advisors has arranged the sale of a Comfort Inn located in Binghamton. Shree Hari Holdings LLC acquired the 104-room property for an undisclosed price. Ted Anka, Ketan Patel and Geoff David of HREC Investment Advisors represented the seller, Binghamton Hotel Partners, in the transaction.
ARLINGTON, TEXAS — KWA Construction has broken ground on Phase I of Arlington Commons, the largest multifamily redevelopment project in Arlington’s history. Designed by JHP Architecture/Urban Design, the 1,300-unit development will be located at 425 E. Lamar Blvd. near Globe Life Park. Developer The Nehemiah Co. expects the $200 million project to be completed in 2026. General contractor KWA Construction recently began demolition at the site. Phase I of the four-phase development will occupy 5.6 acres of the 22.2-acre site and consist of a four-story, 353-unit apartment complex and garage. Phase I will also include a 1,589-square-foot leasing office, 869-square-foot clubhouse, 1,173-square-foot fitness center and 2,100-square-foot lounge and conference area. The redevelopment has garnered $10.5 million in economic incentives from the Arlington City Council. Floor plans will consist of one- and two-bedroom units ranging from 777 to 1,281 square feet, with private balconies or patios available. Amenities at Arlington Commons will include a swimming pool, fountains, fire pit and outdoor kitchen. KWA Construction expects to complete Phase I in the next two years.
INDIANAPOLIS — HFF has secured a $70.6 million refinancing loan for Axis, a 435,894-square-foot mixed-use property in downtown Indianapolis. Flaherty & Collins Properties was the borrower. HFF placed the 10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America LLC, a correspondent life company lender. Axis is a 336-unit luxury, mid-rise building that was completed in 2015. Units at Axis average 914 square feet, and the building contains 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. Community amenities include a saltwater swimming pool, aqua lounge with kitchenette, grilling stations, a pet wash and walk area, a Zen garden, Sky Bar, 24-hour club room, two-story fitness center with a yoga and Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library. Dave Keller of HFF arranged the financing for the development located at 401 N. Senate Ave.
AURORA, ILL. — Principle Construction Corp. will construct a new 375,000-square-foot speculative industrial building in Aurora, approximately 40 miles west of Chicago. Seefried Industrial Properties is the project developer. The building, which will be located at 1600 Sequoia Drive, will be situated within the Prime Aurora Industrial Park. The new facility is being built on 19 acres and can cater to a single user or multiple tenants. Features will include 32-foot clear heights, 2400 amps and 480 volts of power, ESFR sprinklers, two drive-in doors, 36 dock positions and parking for 312 cars. Harris Architects will design the building, and Colliers International will market the property for sale or lease.
CHICAGO — Aries Capital has arranged a $9.3 million permanent loan for a 23-unit apartment building in Chicago. Douglas Crocker II and partners was the borrower The newly constructed six-story building is located at 858 N. Franklin St. The apartment building consists of one-, two- and three-bedroom units and features a fitness center. The 10-year, fixed-rate, non-recourse loan with 30-year amortization was secured at 100 percent of the total cost basis. Eric Jones of Aries Capital arranged the financing. PNC provided the Fannie Mae loan.
CHICAGO —Transwestern has arranged eight leases totaling 88,900 square feet at a 45-story office tower in Chicago’s West Loop. The new deals bring the 928,040-square-foot building, located at 200 W. Madison St., to 92 percent occupancy. The transactions include: Greensfelder, Hemker & Gale P.C., renewed and expanded its lease to 22,897 square feet Premier Business Centers leased 15,204 square feet Philadelphia Insurance Cos. leased 11,446 square feet VacayStay Connect LLC leased 6,500 square feet Beacon Hill Financial Corp. leased 5,262 square feet Transwerstern has managed the property since 2011 and is spearheading a $5 million renovation, which will include an updated lobby, 30-foot green wall, new lounge areas, a clubroom, updated elevators and an expanded fitness center with yoga room. Michael Lirtzman, Courtney Baratz, Jeff Dowdell and Katie Steele of Transwestern brokered the leases on behalf of the building owner, MEPT.
MILWAUKEE — Siegel-Gallagher has arranged the sale of a 3,026-square-foot mixed-use property in Milwaukee. Octane LLC purchased the building located at 4101 N. Port Washington Ave. from Pensco Trust Co. for an undisclosed price. Built in 1910, the two-story building consists of ground-level retail space and a two-bedroom/1.5-bathroom apartment. Devin Tessmer of Siegel-Gallagher.
